Jubilee NxtPe enhances insurance accessibility with sh700m transactions

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The criticality of innovation to spur growth in the insurance sector is finally paying off, with Jubilee Life Insurance registering significant growth in usability on its NxtPe platform.

Statistics show that to date, approximately sh700 million worth of transactions have been processed through the payment management solution from several customers who have already embraced it.

Launched in November last year, NxtPe is an innovative platform that accelerates the payment process and supports automatic policy reconciliations with speed, enhancing effectiveness.

It supports a variety of payment methods, including one-off payments, standing orders, and standing order cancellations, making it flexible and adaptable to diverse client needs.

Jubilee Life Insurance’s Dorcus Kuhimbisa and Kiyingi Denis with the Jubilee Life Insurance award during the 2024 IRA innovation awards 2024. (Courtesy photo)

Speaking during a media engagement in Kampala, Adrine Twinamatsiko, Customer Experience Manager, Jubilee Life, noted that NxtPe was designed with accessibility at its core, particularly for underserved and unserved market segments.

“The platform has been especially impactful for individuals in rural areas or those without easy access to traditional banking infrastructure. It allows for easy premium payments, instant access to one’s statement, and automatic policy reconciliations via mobile wallets among others,” Twinamatsiko explained.

Jubilee Life Insurance has explored various approaches and synergies to ensure that NxtPe enhances convenience and reaches underserved markets. These include digital marketing and mobile app partnerships with Airtel Uganda and soon MTN Uganda, as well as direct agent distribution networks in remote areas and phone marketing through WhatsApp messaging, among others.

Acknowledging that fraud poses the greatest threat to digital and online financial innovations, Twinamatsiko revealed that various safeguards have been implemented to ensure customer protection to maintain the integrity of the transaction process.

“Some of the measures in place include automated document verification systems, a dedicated team investigating suspicious claims, implementing security measures, limiting system access, conducting frequent audits by internal and external teams, and requiring dual approvals for changes to customer details and payments, among others,” she said.

The rollout of NxtPe followed an extensive needs assessment that incorporated various methods, such as detailed surveys, in-depth focus groups, and candid client feedback sessions.

This thorough process revealed a substantial segment of customer base yearning for a more streamlined and user-friendly premium payment experience.

This is the gap that NxtPe has filled and were recently awarded 2nd runner-up for the most innovative Life Insurer solution during the just-concluded Insurance Regulatory Authority Innovation Awards 2024.